Fred Godlash, a marketing specialist with Business Wire in Los Angeles, finally decided to do something about the fact that a six-year-old article at the BW end keeps grabbing eyeballs when people type in the Google search question, How much does it cost to write a press release? He wrote a new answer.
He’s not talking about the do-it-yourself Internet press release that today goes for pennies on the PR dollar and generates about the same ratio of response. Rather, Godlash in his update post aims to accurately determine how the 2007 $5,000 pro-PR price tag calculated by former colleague Monika Maeckle has changed. The answer may surprise you:
If the press release produced in 2007 took 100 hours to produce, it is fair to say the 2013 release will take longer through adding multimedia content including video, infographics and social interaction. Comparing apples to apples, the release would need to include any available resources to make it as competitive as possible today.
Hiring staff for keyword optimization, content creation, research, analytics, multimedia, embed codes for tracking and legal fees for regulatory compliance, it’s fair to say a press release could take an additional 50 hours to produce. Assuming a median rate of $50 per hour, and 150 total hours of collective work, the cost to write a press release today would be $7,500.
Godlash’s answer to the final self-posed question, Is it still worth it?, is predictable. But his “Business Wired” post is still an interesting, thought-provoking read about the actual costs of effective 21st century PR.